December 14, 2015 7:57 pm
Updated: December 14, 2015 9:04 pm

Royal LePage Foothills shuts down all 6 southern Alberta branches

WATCH ABOVE: A very well known realty business, Royal LePage, will be closing its doors for good. It’s saddening news for well over 100 realtors in the city especially before Christmas. Gary Bobrovitz reports.

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CALGARY – The largest Royal LePage office in the prairie provinces is closing its doors.

Royal LePage Foothills on Lake Fraser Drive in southeast Calgary is shutting down all six of its branches across southern Alberta. There are 163 realtors in the Foothills franchise.

The owner/broker Ted Zaharko is a well-known figure in the Alberta real estate industry and has over 35 years in the business. He was unavailable for comment Monday.

Royal LePage corporate head office in Toronto released this statement:

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“Today Royal LePage Canada held an offsite meeting with Royal LePage Foothills agents regarding the current status of the brokerage, as the owner has decided he can no longer viably operate his business.

“The economy may have played a role in increasing stress over the past year on Royal LePage Foothills, but today’s situation is attributable to the performance of this individual business.

“This is a case of financial challenges impacting a local brokerage firm. Consumers are not impacted by these changes as they are protected by trust accounts and real estate regulations in Alberta.

“The owner of the Royal LePage Foothills has reached an agreement with Royal LePage Benchmark and Royal LePage Solutions, two large Calgary-based brokerages, to facilitate the transfer of agents so that they can continue to service their clients under the Royal LePage banner.

“We will provide updates as we work through this process.”

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